Tough Times Hit Beverly Hills

The LA Times is reporting that tough times are hitting Beverly Hills, the California city often seen as the glamour and wealth capitol of the US.According to a recent article, Beverly Hills is anticipating a $24 million drop in tax revenue over the next 16 months; that is the largest drop in the history of the storied city. The down turn in the economy is resulting in fewer building permits, and a big drop in spending along storied Rodeo Drive.The cascade of chic boutiques lining Rodeo now have "sale" signs posted in their front windows, and for the first time in years vacancies are cropping up along the street.Luxury car sales have always provided a tremendous amount of tax revenue for Beverly Hills, with dealers from Mercedes to Rolls Royce to Ferrari all vying to have a location in town. Now those same cars are sitting parked on dealer lots for longer periods of time, dropping tax dollars, and even forcing the city of Beverly Hills to institute a hiring freeze.

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